I was going to say, when a home seller “welshes” on the deal, but you know, that expression is actually bigoted (it doesn’t have to do with Welch’s Jelly).
Suppose you found a condo you like, you wrote up an accepted offer, you signed a purchase and sale, and you put down 5% as a deposit … and then, the day before you were about to close on the purchase, the seller pulled out?
What would you do?
Scream? Shout? Yell at your agent? (#3, most of the time, based on my experience.)
You do have some options, and they’re probably pretty self-evident.
You can sue. You might not get anywhere, and you certainly won’t end up in the condo anytime soon, if you go that route.
You can forget it and move on. You will, of course, get back any deposits, but if you have nowhere to live now and end up in an apartment – or a hotel – you’ll be paying those costs yourself. Plus your attorney would probably like some sort of payment for the work already done (most will forget about it). You’ll have to swallow the home inspection costs, etc., of course.
My recommendation – walk away. What would I probably do, though? End up writing a cruel letter, or getting the owners’ car towed, for some made up reason.
More information: What can you do when a home seller reneges? – by Steve McLinden, Bankrate.com